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While there may soon be a new name above the door of Ravenscroft, the team, its values and approach will not change, as Haydn Taylor and Kevin Boscher tell Emily Moore
CHANGE and uncertainty can, as those in the investment management world are only too well aware, be somewhat unsettling for people.
But as Ravenscroft’s managing director, Jersey, Kevin Boscher, and the chairman of Ravenscroft in Jersey, Haydn Taylor, are keen to point out, change also creates opportunities.
And it is the positive nature of change on which the two men are focused, as they look forward to a new era for Ravenscroft, which recently sold its wealth management business to Titan Wealth.
“This is a tremendously exciting acquisition, which will support our growth aspirations for the business. It brings new opportunities to our staff and enhanced services to our clients, as well as supporting the finance industry in Jersey,” said Kevin, who is also Ravenscroft’s chief investment officer.
Indeed, the focus on growth was one of the key factors behind the deal.
“I joined Ravenscroft as managing director in 2013 with the brief of growing the business and, since then, we have built it significantly,” said Haydn. “While Guernsey remains the company’s headquarters, the Jersey office now employs 16 people, the majority of whom are client facing.”
But while the company’s history – it was established in Guernsey by Jon Ravenscroft two decades ago – has naturally seen the 90-strong Sarnian office grow to greater numbers, Haydn and Kevin have no doubt that Jersey has the potential to extend its operations to rival those of its neighbours.
“The opportunity is bigger in Jersey, particularly on the client-facing side,” said Haydn, who also heads the advisory business across both islands. “Now that we are part of Titan Wealth, further acquisitions will follow, and Kevin will be heavily involved in identifying those opportunities which will support those growth ambitions.”
Having joined Ravenscroft’s Guernsey office five years ago, Kevin moved to Jersey this summer to take up the position of managing director and, in addition to progressing the firm’s strategic objectives, his core focus is on clients’ investments and “delivering the best results for them”, something which is no mean feat in the current economic and geopolitical landscape.
“There is no doubt that the past five years have been unique,” he reflected, “and there has been a lot of uncertainty because the world has never been through that combination of a pandemic, a war in Europe and a spike in inflation before.
“However, one of the advantages of having been in the business for a long time is the experience I have gained. I had only been a stockbroker for a year when the markets crashed in 1987, a situation which was preceded by ‘the Great Storm’. I remember being one of only three team members in the Guernsey office at the time, as all the senior staff were stuck overseas as a result of the hurricane.”
Since then, Haydn and Kevin have witnessed the effects of 9/11, the collapse of Lehman Brothers, further stock market implosions and the global financial crisis of 2007/8.
“While each incident has been different, they have all provided valuable learnings, and that experience is invaluable,” said Kevin. “At all times, and particularly during times of change and uncertainty, a big part of our job revolves around communicating with clients, reassuring them, making sound investment decisions and making sure that they are happy with their investments.”
At the moment, the messages going to clients and staff members are also of reassurance about the acquisition, which includes all areas of Ravenscroft apart from the corporate finance division, which will still be run by Jon Ravenscroft and his team.
“That side of the business provides services to local companies and runs specialist funds, predominantly focused on investing in Channel Island businesses and properties,” said Kevin, adding that the opportunity for Islanders to invest in local businesses and assets was one of Ravenscroft’s USPs. Other things that make us stand out are the range of services we offer, which go from traditional stockbroking execution, advisory and discretionary services, to a cash management business and a precious-metals business, which enables clients to buy and sell commodities such as gold and silver and store them in a vault in Guernsey.”
Through these combined services, Ravenscroft has grown to a business with £7.9bn assets under management which, when added to Titan’s existing holding, will take the company’s total assets under management to £27bn, a figure which Titan has ambitions to nearly double within the next five years.
“Titan’s acquisition of Ravenscroft is designed to grow its international business,” said Kevin, “and it intends to do that based around four key pillars: an efficient and competitive custody and dealing execution service for clients; financial planning; investment management; and growth through acquisitions in the Middle East, Asia and the Channel Islands.”
But while growth and a rebrand in 2025 are on the cards, both men are quick to reassure clients that alongside the change will be lots of continuity.
“The most important message is that Ravenscroft will not change,” said Haydn. “We will still offer the same services, business and investment decisions will still be made in the islands and, perhaps most importantly of all, the team will not change. Titan understands that people are key to client relationships, and we will all still be here, maintaining those relationships. Although we will be called Titan Wealth, we will still very much work in the same way and focus on clients as we have always done.”
Also supporting a smooth transition, says Haydn, are the cultural similarities between the two companies, which will see the senior management team continue to invest in the business.
“We have always invested in Ravenscroft through Ravenscroft shares, and will continue to be invested in Titan,” he said. “Because we invest alongside our clients, we have skin in the game, so to speak. That sets us apart from many other investment companies, as we are not just a team of salesmen investing our clients’ money. We are experiencing the same bumps, pain and joy as them, depending on the market conditions at the time.”
One thing the acquisition will bring to the team, say the two men, is greater career opportunities.
“We have a very flat structure, and staff are always encouraged to come to us with ideas, innovate and take responsibility,” said Kevin. “However, being part of Titan Wealth will open up new possibilities for people to work in Dubai or London, for example, and for members of Titan staff to join either the Jersey or Guernsey offices.”
And it is not only opportunities for existing staff which Haydn and Kevin are keen to highlight.
“We like to balance experience with youth, and so the Ravenscroft Academy gives school-leavers the opportunity to join the firm and learn about different areas of the business,” said Haydn. “One recent success story is a student who joined us after undertaking Project Trident work experience here. Not yet 21, they have already qualified as an investment adviser.”
That commitment to supporting Islanders extends beyond employment, says Haydn, with the firm playing a strong role in the community.
“As a business, we benefit from the community, so it is only right that we put something back in,” he said. “We therefore sponsor a number of important events, including the JEP Pride of Jersey Awards, the Swimarathon, the marathon relay, JS Juniors as well as many other charitable donations. That commitment to the community is another thing that will not change following the acquisition, and it is great for us to be able to talk about a deal that brings such a positive future to the Island, our people and our clients.”
